THE OREGON DAILY. JOURNAL- PORTLAND, OUKGON.
TUESDAY, SEPTEMBER 19, 1922.
X4U
1 '
4
I-
STOCKS THAT FELT! EUROPEAN WAR BEAJIISHNESS SHOW FAIR RECOVERY, AT OPENING
FOREIGN AFFAIRS
ARE LESS DRASTIC
Sy Stuart P. Wwt
"Wall Street. New York, Sept. 10. In all
the markets today a more farorable Tlew waa
taken oS the European political situation. No
exnerienced o b server
1 "xA
I "7
Ji
4
believed Moo day's
commotion waa .anything-
resernblint a
geiattma war scare.
There were too many
essential characteris
tics missing. Bat
whatever a a easiness
there had been was
considerably modified
this morning despite
the apparent determ
ination of the Euro
pean allies to let Ene
Und go it alone in
opposing the Turks.
French government
issues recovered both
abroad and here, and
su did British consols,
i The foreien ex
changes were decidedly
better, with sterling
NEW YORK BOND TRANSACTIONS
Reported by The Journal's Wall Street Bamaw- . . - f '
kLru a,;am and francs back over all
and wore of the ground lost the previous
day..
Cotton improved, while wheat options fell
sharply. 8ticks had a fair although some
wheat, cautions rally, and a better demand ap
peared for investment bonds.
Monday's Market Speculative
This prompt, if not thorough reversal, made
itse'.f . quite plain that Monday' price move
ment -was the result ci s?eeulation exploiting
the Turkish news rather than any expression
of concern in banking and commercial circles.
Wall street opinion was not a unit on the
question of whether the .Torks and British
would actually clash, but the great i majority
felt that England's extensive preparations by
sea and land would have the desired effect and
that the trouble would be adjusted through
diplomatic channels. In speculative quarters it
was held that the shake-out in stock would
have come about under any circumstances.
As tcc Monday's upturn in the wheat market
It was a iflanib!e and satisfying explanation
that the gram trade in the prolonged decline
of tlie summer had exaggerated tlie slackness
of .the f ureign demand and was ready on any
suitable pretext for just such a sharp recoil.
Stocks Show Recovery
On the stock exchange the recovery was
naturally most pronounced in shares which had
most felt the force of hort selling. Mexican
Petroleum was one case In pioint; Mercantile
Marine jreferred was another. At the same
time the pools in various industrials got to
work again, the most conspicuous of thee
movements occurring in Austin Nichols, Utah
Securities, the sine and. 8ouih American cop
per stocks and tEe Express Co. shares.
Stocks Move Ahead
The stock market continued to move ahead
through tlie afternoon, but at a slow pace. Jas
shares came to the front again ami so did some
of the high priced oils. The strength of the
xinc stocks wax a reminder of the return of
the zinc industry to profitable conditions once
more. yuite likely improvement in shipping
atocks hid ia view, the possibility that out of
the European developments might come higher
ocean freight rates. What the action of the
market in general established was that the iki
sition had been strengthened by the decline of
the preceding day and that the forces working
for higher price, although lately not success
ful -outside of a few specialties, had not really
lost their grip.
High Prices Near End
The high prices of t'ie day were reached
in the final hbnr, but the volume of trading
was comparatively fmall. In this respect the
stock market demonstrated its reluctance to
spread out kt all in new undertakings until
more light had been thrown upon the political
comiiScations abroad.
By George T. Ha goes
Wall Street, yew York, Sept. lt As
far as prime Investment Issaes were
concerned today's bond market was a
complete rerersal of that of Monday.
Then the concern over the sltaatloa Id
the Ifear East was reflected is 1 nota
tions for hlsrn grade as well as specu
lative securities. Demand for the best
bonds today was firmly sustained. The
Improvement was not so marked la the
more speculative issaes. Healers la
bonds of the latter grade still had large
debit balances which they were ap
parently aaxloas to redaee.
Liberties shared the general Im
provement. Confidence was expressed
that' the bonus bill wonld be vetoed in
such tremendovs terms as to Insure
the Teto wonld stand. The Trench is
sues, wAlch were so soft yesterday, all
gained today. French government
7Hs at 97 were p of point and
the 8s gained almost as mach. The
city of Berne Ss advanced more than
a point. Crecho-Skak 8s, which sold
at 94 yesterday, adTanced sharply, al
though they reacted later in the day.
In the early dealings the Vnltetl King
dom iV4s of 137 were an apparent ex
ception bat here the loss was only frac
tional. Among the industrials Chile Copper
Is made a new high for the year.
New York. Sept 19. Following ia an offi
cial list of all bonds traded , in on the New
Tork stock exchange today, with price and
sales up to and including the close of the
market. Total sale today were $12.31 1,000,
against $13,722,000 yesterday. $11, 383.000
a week ago. $13,033,000 a year ago. and
$ 12.365,000 two years ago.
From January 1 to date, $3,158,558,000
agaiiist $2,1 48.891,000 a year ago and $2,-
654.345,000 two years ago.
LIBERTY BONIS
Sales tin $1000)
"High Low 1 Close
396, LiberfV 3 Vis
1 ; do 3 Vj s rec
21 do 2d 4s. .
lj do
1051 do
l do
668j do
6 do
7341 do
.20
11381
.110144110120 10144
. 101iail01181Ull
. 10OO410OO4iL0OO4
2d 4s reg... 90O JtOi DUO
1st 46. ... 10064jlOO04jlO064
1st 4s reg. 1003610O310036
2d 44S 10018)10010!l0012
2d 4tts reg. jl0002 06j 90U8
3d 4Hs . . il003;10026il0028
NEW INCORPORATIONS
Salem. Sept. 19. The Central Oregon
irJ"'''.?! corn!,any of Bend, capitalized at
$100,000 ,has been incorporated, articls be
ing filed with the stale iorjoration depart
ment here Monday. The incorporators are A
E. Mulford. 3. A. Allquist and W. A. Shelby
. Articles were alo filed Monday .by the
Kobert E. tiold Mining comany of Grants
Pass -capitalised at $50,000. L. 3. Peck. I.
eck "nd S' A- L'ry re 'nconorat'ors!
Permission to otierate in Oregon has been
granted to the Moreland Motor Truck company,
a California corporation capitalised at $2 500 -000.
V. H. Smith of Portland is named as
attorney in fact for Oregon.
Salem, Or.. Sept. 18. The Columbia Con
struction -uin!ar.rof La firande. capitalized
at $10,000, has filed articles of incorpora
. tion. Tlie incorporators are Pat Lonergan
licrooe Xeal and Carrie Ward NeaJ.
Portland tVllege of Chiropractic Physicians
and Orthopedic Surgeom. Portland: $2000
Eugene B. McDonald, Robert A. Foster ami
Arthur O. Berg.
Oswego I ,og and Boom company. Portland
$50,000: H. 1).. Haley. W. E. Stewart and
Oliver. B. Huston.
BOSTOS
Famished by
V Ariz . . I 8
Adventr. 50
.-3kv "meek.. C3
' Aigomah. 2 S
, ;; - Alkmu!. . 24 H
I ' Arcadian. 2
1 ' lwsgnm M 17
t al & A eo
; 'ai & H..2S0
j New ''orn 1.1
. f ' ent't.; it
i- V;- .p Kge. 40 H
1 ' .d l'iy 4 '
f f r. Butte, ioh
i ' Frtikin M 1
Si Hancock.. 1
i ; C lielwa. . . l
. I . trk ..104 Vi
. - i ., do p.d. . fS v,
f -" . Keewana. 2
.. Kerr l.k. 3 -a
t 1 Jtke p. 4
h'f' l -fr-He. 1 ,
i Michigan 2 S
f -. t 'foha'-k. 59 '
May o 3
Mason VI 1 a
COPPER STOCK
Ov.-rbeck i Cocke
81
10i y. Butte
64 INrpissing.
3 IN. Ike.
2" in. I. .
3 SKeola M.
Is iObijawa..
1 (Qcy. M. .
2U0 IP. Creek
1S,I. Itoval .
l.O ,s. lake. 44
40 4 Sp. Boston t i
s 1. S. M. 41
10 Hi do pfd. -27
2 S. Ftah . . 2
- 2 (S. Cop . . .
1 ilShattuck..
1 05 Tri. Cop. . 1 S
0 iv TuJlomne 60
2?ifCtah Met. 1 "4
5 I uh Con . 2 'i
i V4IF. S. M . 42
1 H !( tah Aex. 2 i
3 i Ventura 28 ht
60 V ictoria. .. 1 Vi
4 jWinona. . 1 H
1 j Wolverine 10
Wjandott B0
Bid.
11 'i
. 6
30
23 V,
35
2 Vi
4 0
20
4 Vi
8
S
Co.)
Ask.
11
a i
so
24
36 V,
2S
41 V,
20 Vs
23
46
1 Vi
42
28
6
5
rH
J Vi
65
1 H
2i
43
- 3
2!t
1 H
1
11 V
60
qJoRDAN-VeHTWORTH Ctt
201 Railway Exchantrm
Member Chicago Board of Trade
.STOCKS BONDS
- GRAIN COTTON
PRIVATE LEASED 1YIKES TO
E. F. Hutton & Co.
MEMBERS ALT. PB1SCIPAX
EXCHANGES
Solicit Inquiries Ail Local
Securities
do 3d 4 i reg. ;1002O10O141O020
do 4th 4 Vis. .. 110060)10046110054
do coupons ,lO054(1005210052
do 4th 4 Via regil005210042iooai:
. ;10074jl008;lOO72
. 10060jl0060il0066
. ,10034;10030,10034
. fl 00201 10020, 1.0020
"BONDS
271
211 Victory 4 1 a . .
18 do 4 s reg
3 1 5j do 48
2 3 j do reg 4 s. . .
FOREIGN
31iArgentine 7 102 Vi
62Belgium 7 Vi s ... 104 Vi
1 61 do 8s 104
38! do 6s JV
I Bergen 8s 110
13jBerne 8s 115
24; Bordeaux 6s . . . . 8il Vi
13ICopenhagen 5 Vis 03 Vi
UllLyona 6s 80 Vi
47iMarseitles 6s '52. it 4
6 1 Montevideo 7s ... 94
I I Porto Alegre Ss. . 102 V
25;Prague 7 Vi s . . . . 83
12 Bio de Jan 8s . . lol
29 do 8s ctfs .... 101
8Sao Paulo 8s . . . 102 Vi
6Tokio 5s 72
10;Zurich 8s 1 14 i
27. Seine 7s temp ctfs 88
ljDanish 8s A .... 109 Vj
4;I)ominican 5s . . . 97 Vi
15,D Can 5 Vi s notes) 101 T.
5j do 5s '26 100
40 do 5s "52 : . . . . 99 H
7 do 5s '31 100 Vi
47 V E I rets 6s '47 98
10 do C . . v 95 Vi
109 do rets 6s '62.. 96 Vi
179 French govt 8s.. 100 Vi
271 do 7 Vis 97
14 Ini) Jap 1st 4 Vis 94 4
2 do - 2d 4 Vis. . . 82 U
11' do stlg loan 4s. 82
13)Denmark 8s. . . . 1 1 1 Vi
19 do ctfs 6s .... 100
2,TtaIy 6 Vis A. . . 96
4 6, Netherlands rct6s 95
5 Norway 8s ' .... 1 1 1 2
106 Sweden 6a 105
29 Bolivia 8s j 98
9 Chile 8s ....
16 do 8s
7 do 8s ctf . ,
5 Cuba 5s '44 . .
9i do 4 Vis . .
32,Checo-Slov 8s
1 1 nig nay 8s . .
ttlQueensland 7s
26i do 6s ctfs . ,
35!Swiss Rs . . . .
10;Hio Gd de Sul
31: 8ao Paulo 8a
101
103 .
103 Vi
99 Vi
110 Vi
114 U
80
93
79Vi
93 Vs
102 Vi
104
103
99 vi
HO V
114 Vs
80 '4
93
79 Vi
94
93 Vi I 94
102 Vi 102 H
83 I 83 H
100 'i 1101
100 Vi IIOI
lo2 Vi 102 Vi
71 V2I 71V,
114 1114V,
87 Vi
109 V
VG
101 Vi
99 S
99 V
100
97
95 Vi
94 Si
99 H
96
1)3 Vi
82 Vi!
82 I
llOVi:
99
96 1
94 !
illl V
104 Vi
98
. . !102 Vi 1102 H
,.104 103
. .'104 Vi 103Oi
. . ! 90 i 90
. .1 90 Vi ! 90 Vi
ctf 95 93
. . 106 '106 10H
..,111 illOVijllOVi
. . 105 1104 1104 H
. .1121 1121 Vi 121
SiilOl ;ioi V 1101 i
102 i 1102 V 102 i
I18 S
109 V
90 .
1 H
99H
99 Vi
Wrll
97 H
95 Vj
9 5 Vi
100
95
93 V,
82
82
110
99 V,
96
93
112
104 Vi
98 Vi
102 S
103
104
90
90 Vi
93 S
1 I" K C.B&15 Vi S22110O 1100
SO do 5 Vis '29 . . . ;106 106 Vi
1641 dr 55Vis '37 .103il02Vi
52U S Brazil 8s. .1103 Vi 102 Vi
221 do 7Vis t 89V4I 89
8jC S Mex 5s I 53 Vi j 52
151 do large 5s:.. j 50 50 Vi
251 do 4s 1 39 I 39
NEW YORK CITY BONDS
2;N Y city 4s '581101 1101
100
lo 14
102 Si
102 V
S3 '
52 '-i
5o
39
'101
MISCIOXANEOI'S AND INDUSTRIAL
BONDS
12jAm Ag Chm 7 Vis
7 1 Am Smelt 1st 5s
9 Am Sug A Ref 6s!
18!Am TAT cvt 6s
21
,1
50
40
8
105
95 S
103 Vi
116
do eol tr 5s. . . . 100 H
do cvt. 4 Vis . . 101
do col 4s 93
Am W Works 5. 88
Jnrl'nMar cvt 6s 79 H
Armour r e 4 Vis. 92 Vi
15 AU Ref - deb 5s.. IOO
4 Bell TeFof Pa 7s. tOSH
lOiBan-rwdall 8s A.. 105 Vi
HBechStl 1st ext 5s 98 Vi
10 do ret 5s ..... . 97
I tj di p m 5s 84 Vi
10; do 6s 100
3 Braden Cop 6s . . 99 S
1 iBk.n Edi 6s B . . 104
1 do gen 7s C. . . 106
.VUkin Edi 7s It.. 107
8, do 5s . . . . . . . l
liCen IMst Tel 5s. . ildoVi
1 ,"en Leather Gti 5sj 98 Vi
2 Cero de Pasc cv Sa,1"
C.VChile op cvt '1-. 109
S3iChile Cop cl tr 8s 93
3 Cin Gas&El 5 Vis 100 V4
36Cc4o Ind 5a 78
7 'Colo GasAEl 5. 96
2 Com Cables 4s.. . 78.
5 Cmp AancBr 7VislOO
;Con Coal Md bi 91 Vi
3!CubCn8 ev db la 88
do 8s sta 92
9'Ctrb Am Sng Ss . tlo
line Kdi rfg 0. .1IO0H
1!1S Edi rfg 6.i 98
2 Det Riv Tun 4Vsl 89
C, Distill Sec cvt 5s 50
6'Dnner Stl ref 7sl 96 V,
lOiDop de Nem 7Vis10S
9iDwi LAP 6s. .1105
II rmtj Lt A Pvy Vis 108 vi
1011E G A F evt 7 Hs( 96
4 FVk Rub ( o 8s. 1107
21Fren I I db 7Hs) 94 Vi
105 1105
95 I 95
103 h '103 Vi
1 1 S Vi 1 1 1 3
BO It ! ! 7a
101
93
88 H
79
92
99
108
105 Vi
08 Vi
96
93
100
99
104
106
101
93
87 V,
79
92
99
108
105 Vi
98 Vi
97
94-Vi
100
99
104
106
Sales. IS $1000
High. I low. Ooae.
107 V,lo7 Vi
OS I 99
iooiioo
98 i 98
125 ;127
107 Vi il 07 Vi
94
100
78
98
78
100
91
88
92
107
105
98
89
50
94
108
IffS
95
IOO
78 V,
96
78
100
91
88
92
107
105 Vi
98
89
50
96 Vi
10X
105
107108Vi
96 j 8
106, 107
93 H 1 94 Vj
7;Franc Sug 7 Vi . 102, (102 102
C Klamath City of
County Portland
5V4 Bonds 4y2 Bonds
" -. f . Dated Due Dated , Due
April 1, 1922 April 1, 1939 Sept. 1, 22 Sept 1, 28-52
. - a D110111- $100- Denom. $1000. - ; -
1 Price to Yield Price to Yield
r 4.80 420
Income Tax Exempt ; ;
Wire Orders Collect
Ralph Sghneeloch Company
. V. MUNICIPAL CORPORATION: .
Second Floor Luhbermens Bldg.
Ill-: '
2Geal El deb 6s. . 107 107 1107
S do deb 5a..... 101 Vi 101 1101 Vi
19!Odreh 1st 102 10141101
20(G T A R 8s '411116 118 116
8 do 8s S1 10 100 1100
ISGracby Min 8s.. 4 94 j 94
1) do 8s 9 99, 99
29;Hol Am Ln s rt 89 88 j 89
42 H O A R db 5 Vis 89 99l99
3lnt Cmnt 8s.... 109 lOBVijlOSV,
27;Int Pap 5 B . SO 80 90
12ilnt M M S F 64 93 93Vi 93'
34;Inv OH 8s '102 1100 1102
t J Kayser 7. . .
5: Lack Steel 5s . . .
15
do 5a
Ligg A
7 iLoriilard 7.
Myers 7s.
(112
Ma Cod 7s
6 M S deb 7s cusi
7 M O 7 Via ctfs
aiMich State Tel 5 si 89
. 14, Mid Steel cvt 3s. 89
8jMorTis 4 s 80
i2iNat Tube 5s . . . .!101
12lN E T A T 1 5sA 99
11;N TEC ref 6s1112
l'NTGELHAPC 5s. 10O
13iN X T gen 4 s . 97
5 do ref 6s 107
1 IN F P 6s 104
92 IN A E 6s 96
2jN O T A L 6s. . . 95
3;N. States P. 1st 5m 94
17'N.jrYV. Bell. T. 7s 108
H O. L. A P. 5s. . 98
2;Otis Steel 8s. . . 101
V do 7s 95
25;Pac. ir. A E. 5s 95
1 Pac. T. A T. 5s 99
li do 5s rets. ... 93
1 i Packard Mot. 8s. 107
10iP. A. P. A T. 7s 101
l.P. G. A C.ofC.Ss 96
4Phil Co., ref. 6s. 101
5;Pub. K. tof N.J.Ss 89
JUilToa. A Kef. 8s. 1105
105 1105
100 100
84 93
119!ll9
119119
119 118
il5
100
84
118
119
119
99 9i 98
do 8s warrants.
lOjRem. 1st 6s A. .
4,K. Brown I. 7s. .
7l.Ss.ks A Co. 7s. .
'8iSin. C. O. 5s.
132 do cvt. 7 3. . .
116
97
97
101
99
11
99
89
89 Vi
101
99
112
100
96
107
104
85
n:
99
89
90
101
99
112
100
96
107
104
96
51 95
94 94
107 jl07
98 j 98
101
95
94
99
93
107
101
96
101
89
101
116
98
96
101
99
101
95
94
99
93
107
101
96
101
89
105
116
96
97
101
99
105 J105 105
ret jlOl 101 101
H.8s.
98
98
98
57i do 7s
10 Sharon Si
-l'S. P. R. S. 7s.;i02;i02;iO2
-ia. -. at cr. os, 97 97 j 97
KJ. li. a. 7s. ,105 ,105
9S. A T. Co.ofA.7s,iai 101
7!Tidewater O. 6 s,l 03 l03
2jTol Ed 1st 7s. . .1108 J108
lO.Tob Prod 7s. . . . 106 100
i n nag A p SsctfilOl H01
tin Tank Car 7s .. 103
12Cn Drng 8s ..... 1 12
lt" S Hoff Ma 8sjl04
10i; S Real A Ira 5s 98
2;Cn SS Corp 6s ct 92
,i,L S Kub 7s. .
67:C S Rub 5s
Till' S Smlt RAM6:
16
23
88
1
V S Steel s f 5s
l tah Pr A Lt 5s.
Va-Caro Chem 5s.
do 6s
do "s rets A . . .
do 7 s
do cvt 7 s A wrl
29;Warner Sag R 7sJ103
-i west renni it 7s
3W V col 5s ....
5 do real est 4 s .
4( do 6sj
7Westh8e El 7s...
2 Winch Arms 7s
7 Wilson 1st 6s . . .
16 do cvt 6s ....
fl rl T li- .
RAIIJIOAD BONDS
O.-.A I ASF gen 4s 92 j
O I uu . fc II. . . . .
4(A C L 7s
30 do 1st con 4s.
109
90
102
103
93
100
100 .
98
105
98
105 Vi
100
94
112
108
104
102
97
101
103
111
104
97
92
108
90
101
103
93
1 00
100
98
105
98
103
105
100
94
112
108
103
101
97
101
105
101
103
108
106
101
103
111
104
98
92
108
90
101
103
93
IOO
100
98
105
98
103
105
100
94
112
108
103
101
97
101
S5
107
91
84
101
oi
87
86
95
84
93
-92
10 do L ANcol tr 4sj
23 B A O 6s
9! do ref 5s
73 do cvt 4 s . . . .
23, do gold 4s
3 do pr In 3 s . . .
121 do 4s Tol&Cin dv
7 . do. 3 Swn div
7 Bkln Rap T 7s . .
5 Bklyn R T 7s tr
I co ctfs j 91
6 Buf Roch A PiUsI
1 con lis
6, Bush Term con 5s
ljCan Sou 5s
2, Can Nor 7s
15 1 do deb 6 s. . .
4 2iCan Pac 4s
1 ,Caro Clch A' O 5s
401CentRyofBrazil 7
SjCentoGaRy con 5sj
12;Cen Pac 1st ref 4s! 90
12Cent RH of NJ 5s)109U
1 doABnkCoGa 5s 97
DC A a con 5s. . .1102 Vi
il no cvt os )
4i do gen 4 s. . .
4 1 do cvt 4 s ... I
1, do RAA 2d 4s. 1
niac Alton rfg 3s
94
92
101
114
92 92
85 I 85 -
107 107
91 i)l
84 j 84
ioi ioi
91 I 91
87 i
86 ;
95
83 j
93 I
9
91
I
87
86
9 5
84
93
92
91
94
92
101
94
92
101
114 1114
I14114 ,114
83 83 j 83
91 81 j 91
91 I 91 I 91
ioo ;ioo ioo
90 1 90
109 lO0
97 i 97
102 1102
33, do 3 s
VC B Q gen -Js. .
64 ; do ref 5s . . . .
9!C & E I 5s . . .
5:C A E 1st 5s. . .
19 C G W 4s
3lC M A S P 4s.
721 do cvt 4 s
21 do rfg 4 s A.
1 7 1 do cvt 5s B . . .
431 do 4s
liC M P S 1st 4s.
1C N W 7s
1 dc, 6s
15 do g m 4s. . . .
6iChic Rys Co 5s. . I
3tC R I A P gen 4s
386. do rfg 4j I
31CTH A SE IstrfSs
97
90
90
80
52
I 35
I 91
1102
86
98
54
79
74
68
77
85
74
110
111
90 Si. !
82
86
87
83
97
90 j
90
80 I
52
35
91
97
90
90
80
52
35
91
101 1102
85
98
53
78
73
68
76
84
74
8 5
98
54
79
73
68
77
84
74
110!110
111 111
90! 90
82 I
87
83 W.
O ChiAW Ind 7 si 1 02 V4 ;1 0-2 U
2'CCCAStL db 4 s 92 ; 92
31 do 6sA !ll)jv,iO'H
15 Cleve l'n Trm5 s 105 l05 105
.11 rig 4,8! SIO fc
4!Cuban R R 5s . . j 86
12j do 1st InArf 7 s 107
11111 A Hud cvt 5sll01i
82
86
87
83
102
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7 ao 54i 105
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106 lnt R T ref
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84
FORD MAY MAKE
STEEL
WALL STREET STOCK QUOTATIONS
Reported bf Overbea A. Cooke Co- Board of Trade Buildins; ' j
HIS OWN
By J. C. Royle,
Special Correspondent of The Journal
New York. Sept. J 9. Except for conster-
natioai rn the ranks at -hi own employes the
immediate effects of the shutdown of the Ford
factories has been pretty well discounted in
business circles. But the possibility that Ford
may raid the -ranks of another industry and
make his own steel, has not been discounted.
according to dispa tones received within 1 2 hours
from Detroit and other automobile centers ana
from exepressions made , today by steel manu
facturers here.
Well-informed business men in various lo
calities insisted today that tlie motive back
of. the Ford shutdown was the disciplining of
the United States Steel corporation and other
steel manufacturers. They assert ' that 26
per cent advance in wages by the leading
steel interest, and settlement of- the coal
strikes in such a manner as to prevent lower
coal prices completely upaet the Ford calcu
lations. ,
They contend thit Ford needs to maintain
a fairly wide price; advance in favor of the
Ford car in competing with other makes of
relatively low pricei range, and that the in
creasing costs of coal and steel have thwarted
lowering the Ford prices to neet cuts of other
manufacturers without losing part of his usual
profits.
Steel, men pointed out that Ford has a
reputation for stubbornness, that his company
has assets of $409,820,132 and no liabilities
except taxes, that he has enough cash on
hand to pay taxes indefinitely if he never
turns another wheel in his shops, and that
if he has his mind made up to make steel and
mines come to his terms, there is a decided
danger of a new competitor iu the steel busi
ness. In this connection it was recalled hy auto
mobile men that a proposed wage increase
by Ford over two years ago was vigorously
opposed by leading steel interests who regarded
with anxiety the effect of such a move on
their own business.
Many business men in Detroit, however,
maintained today that the Ford shutdown far
more likely had for its object the rearrange
ment of his manufacturing system and that
another thrill would be in store for the indus
trial world when work is resumed.
It is not considered likely in Detroit that
other auUsnobile plants will absorb many Ford
employes- Those plants are working on the
regular tapering fall schedule which works tor
reduction of forces rather than increase. In
addition, with the reopening of the Ford plants
in prospect, the other companies are not much
interested in hiring men unlikely to be per
manent employes.
Quite a number of wood workmen un
doubtedly will seek temporary work elsewhere.
The mines in the upper peninsula of Michi
gan which have been wonderfully short of help
for some time have sent word that as many
of Ford's men as want to come can find work
in the mines with free water and light and
house rents ranging from $4 to $6 a montiu
The majority of the workers, however, will sit
tight and wait for orders.
The Chevrolet, Oray, Overland and Star
cars seem auost likely to gain headway on
Ford if the shutdown continues any length
of time, but Ford is prepared for this in a
measure, as he has enough cars available for
deliveries for from one to two or three weeks
yet. Retail automobile dealers in various
cities stated today, however, that Ford may
have calculated wrong in giving his competi
tors this unusual opportunity at car profits.
It is evident on certain automobile rows that
buyers have gained the impression that the
shutdown means that Ford has quit selling ai
well ss making cars and that prospective pur
chasers are going first to look at other makes.
This situation, they believe, will result in an
early announcement of the future Ford policy.
Several parts and material plants which sup
ply tlie Ford company are working on Ford
orders for future delivery but their number
is few compared witii those who have liad to
curtail or to shut down.
In Detroit tlie businesses which will be
hardest hit are one or two big department
stores and smaller outlying establishments
which cater especially to Ford employes.
sirs
Fort Worth, Texas. Sept. 19. The pecan
crop of Texas will be the shortest experienced
in the last live yearsgrowers announced to
day. Fill IT
San Francisco. Sept. 19. Fig dealers and
growers say that the Turkish and Greek war
has had a bullish influence on -the market
which was somewhat slack. .
POTATOES
Atlanta, Sept. 19. The Georgia sweet po
tato crop is being prepared for shipment and
preservation through the dehydration process.
Scores of new drying plants and iilns were
erected last jSummer.
COAL
Detroit, Sept. 19. Coal
here and prices are dropping,
now.
5 1
3Tw Tork, Sent. 19 Aeker re
markabie . jnmn la the sow stock
Gnlf Oil corporation of Pennsylvania
famished one of the two main Inci
dents ln today's tradins; on the ctrb
exchange. The other- feat are was a
violent advance la Standard Oil of
IOw Tork. The street had rather
thong-fat that the explanation for the
rise f OTcr 26 points la Gnlf Oil lay
la a deal of some sort with the Stand
ard Oil of Indiana. Bat these r amors
were revised as Standard OH of Sw
Tot-k shot np and gossip shifted to
that company as the one most likely
to merg-e with the Gnlf OIL Standard
Oil of Indiana stock lost ground
the Sew Tork shares advanced, the
former coming down ia the afternoon
almost as much as it had gone up in
the forenoon. Small lots of the old.
Gnlf Oil shares were dealt in with
a high well above 880.
Trading in other issaes was less
active, bat lessening of anxiety over
the Tarklsh sitnatioo made Itself felt
in a fairly substantial recovery. Par
chases by shorts were mnch ia evi
dence, especially daring the first half
of the session. -- x
Bales. STOCKS:
I HUb. Low. Hid.
Sales.
is
more plentiful
There is no rush
LUMBER
Fort Worth, Texas, Sept- 19. Lumber
mills in Eist Texas are" again running on full
Uime. '
CLOTHING
Philadelphia, Sept 19. Fall offerings by
dealers handling men's clothing showed trxiay
that the public is largely interested in popu
lar priced goods to the exclusion of the higher
grades.
MILK
Kansas City. Sept. 19. A milk shortage in
this section has been averted by raws and
cooler weather, which have improved ial.
pasturage.
STEEL
Pittsburg Sept- 19. The Aetna Standard
plant of the American Sheet A Tinplate com
pany is expected to resume shortly.
Cleveland, Ohio, Sept. 19. Fabricating
hi. auction are navillE litwe v "lJ
nl.nli
rihl at the d resent time and are
oing today practically on capacity.
COTTON'
San Antonio, Sept. -19. Retail business in
U lines, especially dry goods, furniture, hard
ware, shoes and clothing throughout the
.vi t nntiu .nd the sandy regions ot
Texas is approaching the boom stage
with tlie marketing of the cotton crop.
run-
today.
DRY GOODS
St Paul. Sept. 19. Local retailers pre
dicted today that there will be advances m
f manv department store ccgnmodities
as a result of the tariff legislation,
nnt all tines will be affected. Any
vance. they say. will be moderate
the runaway market for 1919 and
but that
price ad-
and unlike
1920.
AUTOMOBILES
Fort Worth. Texas. Sept- 19. Automobile
sales have shown a great decrease so far U'.a
nnnth Tr. some extent this was attributed
today to the railroad strike and also t
tinued drouth in the West Texas stock
Stock growers in that section are today
a critical condition.
i con
areas, facing
Irrigatioa Bonds Certified
Salem. Or., Sept. 19. An application for
the certification of J 100.000 in bonds has
been filed with the state irrigation securities
commission by the Horsefly irrigation district,
comprising 19,800 acres of land near Klamath
Falia.
Sales! In $1000
I High 1 Low 1 Close
ll:Pa R R 7s. .
52! do 5s
1 , do con 4 s . . '
101 do g m 4 s. . .
ITpo A E inc 4s J
3 Pere Mara 4s. . . I
3'P R I. A P 5s. . I
4 5 Reading gen 4s..!
23 StLASF pr to 4sA
8 do 5s B
5 do gen 6s C ...
58) do adj Bs
85; do inc 6s
8 gen BHs D 1
lj do SW 1st 4s.
61 do Term 5s. . .
4 StP A KCSL4s
l StP Mia A M4 sj
11 IS A L cold 4s.
1,3 A L adj 5s.
21 do eon As
6 S P cvt is
SO do cvt 4s
17 do col tr 4s...
54 Sou Ky gen 4a
ISi do com 5s
37 do 6s
S So By Stb dv
4 3d Ave rfg 4s
771 do adj 6a
3
1110
1101
100
94
87
83
87
85
76
91
100
86
77
8T
90
82
85
89
45
107
68
99
83
89
72
98
104
82
C9
07
5:Tol A O-C 1st 5.1 00
1 JT 8t 1 A W 3 si C8
ll'L'nioev Pac 1st 4i 94
14! do cvt 4a.. . . .4 85
8t do ref 84 f 89.
liVs Ry 5s j 89
10! Weft Md 4s ..... 68
5: West Pae ,5s. ...j 87
2';Wts Cent gen 4- 4
110
101
100
94
37V41
82
87
85
75
91
100
85
77
97
80
81
85
99
45
107
67
99
93
88
71
99
103
82
69
66
10O
69
94
95
S9
87
84
110
101
100
94
37
87
85
76
91
100
88
77
97
80
82
86
99
45
107
63
99
93
88
71
89
103
69
67
106
68
94
85
88
67
87
84
8TANDAR1 OIL ISST7E8
7oOAaslo A. O 1 18
25 OaL Sic. Oil. . . .1 53
20 Ohio Oil. .1300
35 lea. O. of Can. . 1111
SSOO Int. P. C-Ltd.J 24
10 Prairie O. A U.J 65
2O2O0S. O. Iwd 1117
; 120m IS. O. E new.. f 108
20 ;S. O. Ky. B., . ..655 .
,1290 a. O. N. Y 1.605
? 95jVacuum Oil. ... .i486
I 18
63
30O
110
20
65
116
107
656
468
480
STOCK-
High. Low, j Bid.
39001Adams Exp . .
Advance Rum .
do pfd
lAgr Chem . . .
do irfd
1900Ajax Rubber . .
Alaska tiold . .
Alaska Juneau
2300 Allied Chem . .
1700 Allis-Chalmers .
do pfd
200
4 00
4000
100
600
' "400
1O0
100
300
400
Am
Am
Am
do
Am
do
Am
do
Beet Sugar.
Bosch . . .
Caw
pfd Car
pfd
Cot
pfd
Co
A' Fdy!
Oil
Am Drug
Am Hide
do
Am
Synd . .
A Lea .
pfd
Ice-
Intl Corp. . .
Linseed
pfd
Loco
pfd
Saf Razor. . .
Ship A Cora .
Smelter . . . .
pfd
Am Suuff
Am Steel Fdy . . .
Sugar
pfd .......
Sumatra . . .
T A T ...
1 obacco . . .
"B"
Wool
pfd
W 1'
Zinc
Am
do
81
15
4
57
45 Vi
41
62
109
185
'28
55
.6
Pfd
24O0!Am
700 Am
300 do
1300 Am
100 do
20OO Am
300 Am
64001Am
100 do
200
28O0
1 2O0
1200
2tOAra
820OlAra
14(IOAm
81' 0 1 do
8300iAm
f do
300 iAru-23C0Am
3400!Anaecnda
iAssd Oil
2200 Atchison
100 1 do pfd
3!.0Atl Cor-st Line .
20O0!Atl G A W I. .
17S00jBaldwin Loco . .
lOOt do nfd
540O!R A O
IOO 1 do pfd
4300jBrn.dll Corp "A
I do B" ...... I .
4500!Beth Steel "B"' . 1
Booth Fish I .
700 B R T j
leoO'Kntte C A Z . . . :
11100 Butte A Sup . . . i
4400!Bnms Bros "A
l6O0 do "H 1
lOO'.iddo Oi! 1
600'al Pkg I
2000 Cal Pet I
i do 1 f.l
3800 Clhn Z A L . . . i
3K00;Can Pac . . .
2500(Vn Leather .
2,-P0Ccrro de Pasc
430OiChandler Mctor
1700iChi A N W ,
200iChicago tit W.
800! do pfd
1 0800M'hile Cop ....
HOOiOhino
1300IC M St P. . . .
S300( do pfd
39O0 Coco Cola
1100 C A O
'Colo FA I. . .
IOO C0I0 Southern
8400,Col Gas A Elcc
SOOlColumbia Graph
8300jCon Gas ....
2100Cons Cigars. . .
do pfd !
SOO r, Textile . . . i
500 I'fmt Can I
4100;Corn Prod
1 do pfd I
42200, Cosden Oil I
17000IC R I A P I
13001 do "A" pfd ....
7Ti(i do "B" pfd
610O,Crucible . . .
I do pfd . . .
600Cuba Cane .
400 do pfd . . .
2600U"uhan Am Sugar1
OOOiltevisrm Chem...l
300 Del A Hudson . . .
700ilel A lck ;
2200ll.tne Mines ....j
3200Elec Stor Bat . . . i
1 SOOiEndicott Johnson.
2rtOO.Erie
7001 do 1st pfd . . .
5800'Famous Players
IF i A S
do pfd
lOOlFUk Tire
...... Gen Cigars . ..
800 jfien Electric . .
10400, (Jen Motor . . .
8800 IGen Asphalt . .
i lliddn Paint .
600:Goodrich T A F
jGlen Alden . . ".
SOOiGrar.by
llOOIGt. Nor Ore . .
2400Gt. Nor pfd . .
IGreene Cananea
2600iOulf S Steel . .
1700Houston Oil . .
12 00; Hupp Hotor . .
Too HI. t 'rut ...
900;Inspiration
78
14
83' "
58
45
41
0
109
184
28' "
55
6
80
18
57
39
70
14
1
84
57
102
45
41
61
1O0
185
121
28
55
6 Vi
14
71
115
36
37
57
123
118
7
21
63
103
147
43
82
110
71 71
115 113
86 35
38 37
58 58
123 122
119 110
7 7
21 20
. 63 62
103 103
147 145
44 43
82 81 a
1110 1110
i 4- j 4J Vi 1 -S2
1124 123 1123
1162 Vi 161 jl61
jl5M H56H 1157
I 99 ! 07 99 i
I . ... .,'107
I 32 I 32 I 32
I 20 ; 18. I 19
i 54 I 53 "4 I 63
1 I 1117
1IO6 .105. 1106
1 91 I 91 I 92
1120 120 120
1 3 1 30 I 31
1136 !13S 136
;il5,'115ill4
! 56 ! 56 56 V,
i O.I 5
41 39
70 Vi I
i
25 1
7 I
31
134 I
47 I
10l
83 !
i 62 I
I I
: ! j
147 fi461;
42 4 1 'i
2.-. :
7!
33 I
136
4S I
10 I
84 !
63 i
4 0
63 1
93 1
6
15 V4
24
30 Vi
33
51
68
75
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38 I
62 I
92 '
6
1 5
23
29
33
50
67
74
49) 49
1 1 1 2 , 1 09
I 8 3
ii -js (lay v
40
I
ins
117
51
48
104
93
90
14
37
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1 an
133 Vi
37
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87
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15
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34
31 Vi
AU
94
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81
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iias.
41
36
in
8 5
115
'49
48
103
92
87
14
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1 36
183
36
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86
16
25
97
13
i79
14
83
Si" '
31 "
40
93
80
79
21
IV
41
65
40 V
27 76
9
25 '
7
33
136
47 V4
JO ,
84
63 'i
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9 V;
147
4 2
30
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93
6
15
24
29
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51
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7 5 Vi
34 'i
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3
141
30
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1C5.
86
117
117
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47
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92
90
95
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137
133
37
40
87
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99
13
59
13
80
179
14
65
14
34
5 8
31
40
93
31
81
80
21
1 1 " .
41
KMTI AO com ....
..... do pfd ......
SOO.Interboro .....
400 w do pfd
. T . . . lot Harvester . .
600 Int Mere Marine
6000 do pfd
1600 Int Nickel
190011m. Paper
I do- pfd . . . .
14 700.Inviaeib.le Oil . .
SOOjIaiand Oil .....
600jJewel Tea
?00jK C Southern .
100j do pfd
800'Kavser J
1700jKelly-8pgfld ...
3700;Krnnecott . ,. : .
1200. Keystone Tire .
6600;Lck Steel . . : .
SO0Lee Tire .,
lOOOjLehigh Valley . .
200 iLoriilard
1200!Loew Theatres ..
200IL AN
2 500 1 Lima Loco
1100 Mar land Oil
500 Maxwell Mot "A"
600 do -B"
. 100 May Stores
27500 Mex Pet
24000 Mei Seaboard ...
200 Miami
2400 Mid States Oil . .
600 Midrale Steel
700 M K A T wi
13O0 Mack Truck
200 Mont Power
1 900 Mont Ward ....
10Q0 Mo Tac
2000 do pfd
800 M St P A 3 8 M
530O Nat Enamel . . ;
400 Nat Lead
9O0 Nevada Con
2500 New Haven
2200 Norfolk A W. . . .
2600 Nor American . . .
4000 Nor. Pac
Nova Scotia Steel
300 N Y Air Brake. .
3100 N Y Central
600 (Tkla Prod ref . . .
SOOiOrpheum
300IOntario A W . .
SOOlOtis SteeJ . . .
500i Pacific Dev . . .
4700jPac Gas A Elec .
77O0!Pacific Oil . . . .
15600iPan Amn Pet...
3100j do "B"
8800'Penna ,
1200 Penna Sea Steel
500'Peo Gas
1500 Pere Marquette
OOOJPhiladelphia Co .
3600lPhillips Pete
2600Pierce Arraw . .
1400 Pierce Orl . . . .
900:pitta Coal ....
SOOiPitU A W Va .
3600: Pressed Steel Cari
300 Punts Allegre . .
3400!Pnllman
2400;Pure Oil
1 lOOiRay Cons
3200'Readir?
1 0O;Remington ....
300 Rep!og,e Steel .
4 OU R public IAS
I do ofd
100'Rep Motors
8500, Royal Dutch Oil.
200iRy Steel . Spgs. . .
3 00,. Saxon Motors . . .
IOOO; Sears Roebuck . .
"OOjShattuck, Ariz . .
300 (Shell T AT...
4000!Sinclair
.Sloss Sbef
4 100, Sou Pac ...
3I00;Sou Rv
70i do pfd
42O0Stand Oil
! do Ind
1600 do N J
..... I do Ky .
70)iSt LAS
lOOStn.mberg
2400CiStu1ebkcr
Swift A Co I .
8 8 8
37
1 1 1
4 4, 4
. 110
13 14 14
6 58 60
17 17 17
38 37 58
95
17 15 16
19f 18 18
24f 24 24
58 68 58
43 44 45
44 43 44
38 35 36
8 8 8
82 82 82
26 25 25
69 68 69
174 173 173
23 22 22
138 137 138
62 61 61
40 39 40
58 57 58
18 18 18
134 183 134
192 186 190
22 20 21
29 29 29
13 12 13
34 33 34
18 18 18
58 57 58
74 74 74
i'2 22 22
52 22 22
60 60 60
70 76 70
62 59 82
105J4 104 105
lrf 16 16
32 31 31
120 120 120
95 94 95
87 86 87
.1 87
41 41" 41 ,
98 97 98'
2 2 2
23 22 23
26 26 26
I 11 11V, H
5 4 4
87 86 87
57 56 56
80 77 80
75 74 75
48 I 48 48
6 6 6
97l 96 97
39 I 36 38
44 I 44 44
5 1 I 5 t 5 1
13: 12 13 vi
7 ! 6 8
70 j 69 70
38 88 38
r 90 I 89 90
'48"47 48
1134 1132 1133
! 32 1 31 1 31
1 5 i 1 5 I 1 3
I -o a. -
I 17 I 8T I 38
o.t
69 I 69 V ,' !
MINING DISTRICT
TRADE REVIVED
By a. ft. Campbell
Wilkesbarre. Pa.. Sept. 18. General buud-
ia the anthracite arimna centers, which
has been extremely dull, hi sow reviving fast
and is expected to get 'brisker with each semi
monthly miners pay. The majority of the
miners were well fortified financially when
the strike started and have not been entirely
without mean j of Income, as the children of
many families I have aided in support of the
household by securing worn, in silk, lac and
other factories.!
' Banks are confident that the savings which
were withdrawn during the strike will be re
placed in the sSvings accounts by the middle of
December. Merchants who delayed buying for
fall and Christmas trade are now iu the
market. !
Cal
F . . .
Cam..
3
59
119
3
90
8
40
34
94
26
03
114 H
1 17
187
3
1T7
119
3
89
8
40
33
92
3
58
119
3
89
a
39
34
48
93 I 94
25 I 28
62 I 62
112 114
116 1117
185 186
10M J107 1107
54
12j'i
, .1
23O01Tenn Cnp A Cnra
n.10". rexas on
170O!Texas Pac
. I 5001 do C A O
3OO0TrJi Prods
!60(,,Tran Contl Oil
"200!Cnion Bag A P .
1900 I'rrion Oil Del . .
2900('ninn Pac
300,rnited Alloy .. . .
HiOiCnited Drug ....
lOOifnited Food Prods
4 00 Cnited Fruit
Cnited Rds N J
900, Cnl Retail Stores,
I20OIU S C I Pipe , .
160om S Ind Alcohol
81001T S Rub
6001 do 1st pfd . .
7001U S Smelt . .
1970OIC S Steel . . .
10001 do pfd
25O0Huh Cop . . .
200jVa Chem
400! do pfd
4000Vanadium Steel
SOOOiVivaudou . . . .
12O0iWabah
12001 do A pfd . . .
I do B pfd ...
600! Wells Fargo . .
400iWestern Pac .
inoi do pfd . . . .
2ro We-tern Union
4 0Oiwtnirhs A B . .
15001Wstngh E A
200ist Md . . .
1700:White Eagle Oil
.inn: White Motors .
600'White Oil
2000iwiiiy.OTerland .
30001 dr. pfd
OOOiWilfon Packing .
tWoolwcrth . . .
.lOO Wrthnirtn Pump
200W ALE ...
lo I
1
31
26
6,
14
74
i 20
K?
38
-i
7
1151
8c
34
64
55 I
97!
43
29 I 29
34 -I 33
126 1128
. . . .1109
9 10 1
47 I
30
25
64
133
74'
19'
150 1151
38 Vi
80
7
150
47
31
26
64
14
74
19
82
83
63
53
96
42
104 1103
123 1122
69
27 j
65 I
SO I
1 3 I
12 I
33 I
68
27
65
48
13
12
32
Ml
-I
79 !
1S
I 64 I
1115 (11 5
!HI'-' 1102
79
1 8
64
63
15
32
51
8
7
44
48
42 I
13
63
14
31
01
-8
7
44
47 I
38 U
80
7
151
14
84
34
63
54
96
42
lf04
122
68 Vi
26
64
49
13
12
33
22
79
18
64
115
101
63
14
81
51
8
7
44
47 V4
i. . . . 185
42 42
13 I 13
B A K
STATEMENT OF COAST
Portlano Banks
1922 1921.
Clearings Mon. . . . $ 7,890,598 t 8.872,971
Balances Mon.... 2. 268, 05 1,894.706
Clearings Tues. .. 5.835.000 6.889,014
Balances Tues. .. 1.400,174 1.554,182
San Francisco Banks
Clearings Tuesday $27,100,000
Seattle Banks
Clearings Tuesday 3 6,361,181
Balances Tuesday 1,296,652
Oakland Barks
Clearings Tuesday $ 2.597,000
Los Anjeto slacks
Clearings Tuesday $17,190,857
Tacema Banks
Clearings Tuesday $ 2,811.000
19
53 U.
300
110
V V T.U
1 Afl 1
555
505
485"
Wlien Bonds
are called
As interest rates decline and
companies redeem bonds to
take advantage of . existing
rates, or call bonds with
sinking fund money, hold
ers desire prompt and full
information. You can re
ceive this service from us
without charge, no matter
from whom you purchased
your bonds.. .
Save writing: a letter or our Investors'
-service plan by giving us your
Name
Address
Cyrus IiiQdmpAn
1002 Wilcox Bldg'PORTLANDTelBroadwy5915
Seattle
Sam - Francisco
V
Los Angeles
FOREIGXj EXCHANGE RATES
Corrected dally by the foreign exchange de
partment of the I'nited States. National bank.
Quotations below (except the pound ster
ling) are quoted on the basis of 100 units
foreign currency.
Opening normal rates of bank transactions
irratt
London
Lbs. sterlings
I'ans. francs. .
Belgium
francs
Berlin, marks.
Genoa, lire . . .
Athens
Drachmas. .
Copenhagen i
Kroner. ...
Chris ttania
Kroner. . . . !
Stockholm :
Kroner . . . .
Hongkong.
Currency . .
Japan, yen ...
Shanghai, taels
Canadian dollar discount
Draft j Cable Par
Checks Transfers. Value
4.41 $ 4.41 8 4.806
758 757 19.30
714 715 19.30
06 06A 23.81
417 - 419 19.30
230 232 19.30
2070 2075 26.70 '
1715 1720 26.70
2640 2645 26.70
5735 5760 .
48.10 4845
7725 7755
SSpidly
A statement of the condition of the Tnited
Atatea Natienal bank of September 1 5, issued
Monday lu response to a call from the comp
troller of the currency, shows deposits amount
ing to 31. 867,561. undivided profits amount,
ma to $846,222. aud total resources aggregat
In. 88.20S.24. A close second to the
tttd States National bank in the matter of
derjwits wa the First' National bank, with
S31.1V9J18. Total resources of the First
National amounted to $36.31 1.809 and surplus
and undivided profits totaled $1 373 904. -
The date of
tlW .11 . ... 1
e . .... im Wll iim nun I
s?r m1,Kiou of the Cnited
hlVkA TVE""1. Wi,h " Lumbermen s National f
it statement showed a remarkable In-
create in the business of the concern during t
States National cn September 15 1917 I
si"nn,ni,"rvd " "wre.se. of mors
than $10 200.000 or approximately 50 per
cent, during the five year period Simi1!
increases in the resources of tlie bsnk were
indicated, the total in 1917 being $23 ooS 548 f
and the increase during the five ye,r, m .
-uuui.iueu it increased to
... iiKure trout .Di,w3 Jp Jy 1
llj, 1
1 and 2 per cent.
Money and Exchange
New York. Sept. 19. (I. N. S.) Call
money on the floor of the New York stock ex
change today ruled at 4 'per ceAt; high, 5 per
cent; low, 4 per cent. Time money was quiet.
Rates were 4 (a 4 per cent. Toe market for
prime mercantile peir was quiet- Call money
in London today was 1 per cent. Sterling
exchange was quiet, with business in bankers'
bills at $4.42 for demand.
rnreifrn Exchange Market
New York. Sept. 18. "(TJ. P.) Foreign
exchange opened firm. Sterling, $4.41, up
c; francst .0758, up 8 ; lire. .0417,
up 1; marks, .0006.
Foreign exchange closed steady: Sterling,
$4.42: francs. .0760; lire. .0419;
marks. .0006.
PLAVH TO Britl) SEVT HOOD .- i
HITKIt CREAMERY HIRJIULATE)
Hood River, Sept. 19 Plans to build a .'
new Flood River creamery on strictly cooper- .',
tive lines were formulated here on Saturday st .
a meeting of dairymen and ranchers. It is
planned to erect an attractive building on s
tract of land recently purchased by the com
pany directors and to install s big butter making f
and ice cream lant.
Ihiring tlie past two years the creamery has -sdded
so largely to its business that an en- '
larged plant has become necessary. The cream,
ery handles most of the' cream produced in tins h
section vt the mid-Columbia and receives cream '
from point as far away as Idaho. - .
. , i
Pacific Gas Iflvldend w
. The Pacific Gas A Electric company todav
declared the regular quarterly dividend of
$1.25 on the common, payable October 16 to
stockholders of record September 80. i
Overbeck & Cooke Co.1
BROKERS
Members Chicago Boars! af TTsda,
. Beard of Trade Bldg., - Portland.
Pendlston, Ore Walla Walla, Wash.
STOCKS, BONDS,
GRAIN AND COTTON
DIRECT PRIVATE WIRES
Logan & Bryan
XBVY . TORK ASD CHICAGO
New Issue ,
SINCLAIR
PIPE LINE COMPANY
5 Sinking Fund Gold Bonds
"y Due October 1, 1942
'"pHE company at the present time owns and
a operates 3737 miles of pipe Iines,for trans
portinjr oil through its systems between principal
oil fields throughout Northern and Central Texts,
Oklahoma and. Kansas, connecting with various
refineries of the Sinclair Refining; Co. and Stand
ard Oil Co. Proceeds from the- sale of these
Bonds will -be used to complete an extensive
system reaching from the Gulf of New Mexico to
the Great Lakes. The Standard Oil Co. of Indiana
has contracted to purchase one-half interest in the
company for over $16,000,000 in cash.
The average net income during trie past 3 years
available for interest charges, after deducting de
, " rjreciation and federal taxes, was' over 4 times "
annual interest charges on, these Bonds.
The bonds are redeemable as a whole or In part at any
time at the option of the company at 103 and accrued
interest on 60 days' prior notice.
Price 95 and Accrued Interest
To Yield Over 5.40
G'E-MIILER & COMPANY
Portland
Seattle ;
OvfoisjeH1
Seconjl Floor. 2f. "W. Bank BM. Portland
Los Aag-eles
San Francisco
Phone Main
SOUTH
NEW OFFERING $835,000 -
VANCOUVER
BRITISH COLOfBIA V
5 GENERAL OBLIGATION BONDS
Principal and Interest Payable ln V. 8. Gold
Dated February, 1922 PRICE
$470,00Q Due Feb., 1935 TO
$365,000 Due Feb., 1945 YIELD
1
B.BW6
13,
CXITED STATES MUNICIPAL B0XDS
Arco, Idaho, Electric Ligbt. ......... .. 6 1939 100.00 6.00
t Astoria, Oreg-on C 1930-39 101.5 6.75
(Boieman, Montana, Imp 6 1926-42 100.00 6.0a
t'Capitol Highway Water District. ..... . 6 1934-41 to yield 5.50
- Multnomah county.
tCasper, Wyoming, Imp 6 1925-31 100.00 6.00
f Coulee City, Wash-. Imp. 7 1923-30 to yield 6.60
f Kennewick, Wash., Imp 8 1923-29 to yield 6.50
tKlngr Countj. Wash., Commercial ?
Waterway Dist- 1. . 7 1924 101.55 .25
tMllls City, Wycfmlngr, Water 6, 1937-52 100.00 , 6.00
TMorten, Washington, Imp.; 8 1922-84 to yield 6.75
I Fort Angeles, Wash., Imp....... 7 1930-33 to yield 6.25
tPoat FalU, Idaho, Water., 6 1932-42 100.00 6.00
fRoundup, Montana. Imp..!, 6 1925-36 100.00 6.00
tShelby, Montana, Imp.......... 6 1924-29 to yield 6.60
Guars n Lee,d "by Revolving Fund.
Soda Springs. Idaho, L. I. D 7 1929 to yield 6.25
t Vancouver. . Waah., Ia. L D... 1927-33 100.00 6.00
tWenatchee. Wash., Imp , ,. 64 1928-84 101.24 6.25
tWheeler. Oregon 6 1941-42 100.00 5.50
' CA3TAPIA3T MTiriCIPAI. BOSBS -
Banatyne, Prov. of Man., School .. 6 1925-14 viOO.OO 6.00
tHanna, Alberta 7 1936-42 to yield 6.60
.Kamsack, Saskatchewan 6 1923-83 : 100.00 6.50
Saskatoon. S.-D... 1950 100.00 6.00
tWalnwright, Alberta .- 1 ' 1934 to yield 6.0
r v : - . ,.;..;-v .'
, 11006'-'' t500 I$2W WOO ;, f Fractional
TELEGRAPH OR TELEPHOSE ORDERS AT OJJR EXPENSE
MORRIS BROTHERS COfcPO&fflON
Government and Municipal Bonds,
MORRIS BUILDING UfYTtt QTin I ITOC3rTI 30HI STAF
BROADWAY 2151 -tUl UdlLU.VJlligUll SAFE OEPOSfT
STARK ST
BOXES
70,Pr W iUi-KGacvfi 74 72
i 74